Marsh McLennan (NYSE: MMC), the world’s leading professional services firm in the areas of risk, strategy and people, together with the Ukrainian government and Lloyd’s, today announced a major expansion of its Unity insurance facility. Unity now provides affordable war risk insurance for ships carrying all non-military cargo – such as iron ore, steel, and containerised shipping – and underpins Ukraine’s wider maritime export ecosystem. Launched in November 2023 to provide affordable war risk insurance for grain shipments and other critical food supplies globally, Unity offers hull and separate protection ...

The IGP&I, along with the Maritime Anti-Corruption Network (MACN), has released a set of guidelines aimed at improving the transparency of port procedures in Senegalese ports. The guidelines provide detailed information on the necessary documentation required by authorities prior to port calls, as well as the processes for inward clearance. Additionally, the guidelines feature specific instances of fines and common offences that have been reported in the recent past by MACN members. The Club recommends that Members’ vessels calling at Senegalese ports should include this guidance document as part of ...

It is well known that a healthy crew is a safe crew, and that the physical and mental wellbeing of seafarers is key. Recognising this, The Swedish Club is extending its enhanced PEME (Pre-employment Medical Examination) programme both within the Philippines, and into a number of other seafaring nations. An enhanced PEME greatly increases the chance of identifying potential health issues that could lead to a crew member falling ill while on board. The Club’s enhanced PEME significantly exceeds the basic requirements for employment medical assessments reflecting not only the ...

The revised IMO Biofouling Guidelines came into force in 2023 and provide updated guidance on how to prevent the spread of marine invasive species. Here are the key recommendations. Marine invasive species infestations are a major threat to the world’s oceans and to the conservation of biodiversity. It can be triggered by marine hull biofouling, the accumulation of aquatic organisms on ships’ hulls, which are then transported around the globe and inadvertently deposited in non-native waters. Here, they can become invasive, out-competing native species and multiplying into pest proportions. Hull ...

Attacks by Yemen’s Houthi rebels on commercial ships in the Red Sea have sent insurance premiums surging, exacerbating costs already stretched by soaring freight rates and longer alternative trade routes. The Houthis have carried out relentless attacks since November on shipping transiting the Red Sea, a maritime hub through which 12 per cent of global trade usually passes. Maritime container transport has sunk by almost one third so far in 2024 compared with a year earlier, according to IMF data. The Iran-backed Houthis argue the attacks are in solidarity with ...

The Club is delighted to confirm that 99% of Members renewed with mutual tonnage increasing to 100 million GT due to a combination of strong organic growth and selective new business transferring to West. We are pleased to announce a successful 2024 renewal across all West business lines, with the combined ratio for the year forecast to be below 100% for the second consecutive year. The Club maintained its selective approach to new business and was also pleased to see strong organic growth from existing Members throughout 2023 resulting in ...

The London P&I Club has reported a strong outcome for its annual renewals for 2024, with a growth in mutual tonnage of 8.9% year on year. This positive outcome and strengthening of rating and deductible levels for the London Club has fallen in line with the Club’s target to improve its financial performance following a favourable claims experience and a positive investment return in the 2023/24 policy year. Reto Toggwiler, Chief Underwriting Officer at The London P&I Club, said: “We are delighted to see year-on-year growth in our mutual tonnage, ...

The West of England P&I Club (West) is pleased to announce a successful 2024 renewal across all business lines and expects a combined ratio of below 100%. West has maintained its selective approach to new business. Strong organic growth from existing Members throughout 2023, combined with targeted new business development at the renewal, means the total Mutual tonnage of the Club will be in excess of 100 million GT, up from 96 million GT 12 months ago. The Club has achieved strong and continued growth across other lines of the ...

In a comprehensive new study, we delve into the impact of weather on container stack collapses. Our findings show the impact of progressively increasing wave height, the quantified risk of high waves, and variance in weather exposure among different operators. Hopefully, the study sets the stage for a deeper dialogue within the industry about mitigating the impact of adverse weather on container safety. As the world economy develops, the volume of containerized trade increases steadily. Last year, the global container shipping fleet grew by almost four per cent according to ...

NorthStandard confirms strong renewal results across the board, in its first year of operation. NorthStandard reports a rise in premium income with positive market responses to its post-merger scale and global operating structure, as well as its continuing service excellence. Premium revenues exceeded $825 million for the insurance year ending 20 February 2024, against a combined $796 million at the point of merger 12 months ago. The mutual poolable tonnage increased to 256M GT as of 20 February 2024. Specialty business lines which contribute about 20% of the club’s total ...

The UK P&I Club has announced the successful completion of the P&I renewal for 2024. The 2024 renewal focus has been on portfolio management, providing strong support to the Club’s high-quality membership and a fair outcome for all Members, in line with Board expectation. The Club’s consistent approach saw positive gains from it’s core Mutual membership and it’s overall year-on-year growth in entered Mutual tonnage is approximately 2m GT. The Club is also encouraged by the excellent volume of newbuilding commitments from current and new Members. The Club’s robust underwriting ...

Skuld today is pleased to report a successful renewal of its protection and indemnity (P&I) policies for 2024/25. This success illustrates the significant growth achieved in line with Skuld’s strategy. Skuld’s mutual P&I gross tonnage (GT) has risen by 11% and achieved an unprecedented high of GT 116 million, fulfilling all mutual P&I renewal targets set by the Skuld board. Skuld also experienced substantial growth in other lines of business, including hull & machinery, charterers, energy and FDD, further emphasising the successful execution of the growth strategy through diversification. Consequently, ...

We refer to Member Circular No. 19/2023 (the Circular), issued by Gard P. & I. (Bermuda) Ltd., Assuranceforeningen Gard – gjensidig -, Gard Marine & Energy Limited, and Gard Marine & Energy Insurance (Europe) AS (together referred to as the “Insurers”), regarding Notice of Cancellation for war risks in the Red Sea area in respect of specified insurance covers. We are pleased to announce that we now have a solution to buy back war risks in the Indian Ocean, Gulf of Aden and Southern Red Sea for the Charterers’ Liability ...

Following the issuance of a Notice of Cancellation by the Association’s reinsurers, on 12 February 2024 Skuld issued a Notice of Cancellation to the War Risk Cover to all fixed premium assureds, including Charterers (“Skuld Notice of Cancellation”). From noon GMT on 20 February 2024, cover for War Risks will be excluded for trading or being within the geographical region described in the Skuld Notice of Cancellation (“Red Sea Excluded Area”). This is the second Notice of Cancellation provided by the Association’s reinsurers, following the cancellation of War Risks cover ...

In this article we discuss one of the issues decided by UK Supreme Court in The Polar case – the practical and legal effect of charterers’ payment of additional premium to an owner’s insurer and whether this shields the charterer from subrogated claims arising from the risks insured. In the recent case, Herculito Maritime Ltd and others v. Gunvor International BV and others (the Polar), the UK Supreme Court ruled that cargo underwriters are not excused from contributing in General Average (GA) towards a ransom payment, notwithstanding the fact that ...